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Electronic Tax Preparation

Written by Kathleen Gagne
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Try Electronic Tax Preparation

Electronic tax preparation can save you both time and money when you do your income taxes this year. In addition, filing your taxes electronically is not only approved by the IRS, it is suggested by them in the millions of brochures they sent out this year. They would be happy if you join the 53 million people who prepared their taxes online last year.

Electronic tax preparing is the process by which you enter your tax data into your computer rather than writing it on a paper form. There are a lot of advantages to doing your return this way. For example, you won't have to do as many calculations; the program will do that for you. Also, you'll be asked a series of questions that will help you determine which form to use and what tax data you need to input. Once the form is completed, you can either print it out and mail it or you can e-file it.

The IRS and Electronic Tax Preparation

As part of its commitment to provide better service to taxpayers, the IRS now guarantees safe, secure, and private electronic processing. One result of the accuracy of electronic returns is that the IRS can get your refund to you faster, usually within days rather than weeks. Another great feature of the electronic process is that the IRS will provide you with a confirmation of receipt within 48 hours after you e-file your return.

Since studies have already shown that returns prepared electronically have fewer errors than those done manually, the IRS can save a substantial amount of money by supporting the process. You get speed, ease, and greater accuracy, and, often, even a guarantee from your online tax specialist in the event that they cause an error on your return. If you're considering doing your taxes online, give it a try this year. You and the IRS will be very happy you did.

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